News

2018 Comprehensive Annual Financial Report

Post Date:12/20/2018 9:30 AM

The Comprehensive Annual Financial Report (CAFR) of the City of Sioux City, Iowa for the year ended June 30, 2018, was presented to the Mayor and City Council on Monday, December 10, 2018. The report was prepared by the Finance Department. Williams & Company, PC, Certified Public Accountants, performed the audit of the financial statements in accordance with generally accepted auditing standards. The report will be on file with the Auditor of State and the Office of the City Clerk. Copies of the report will also be available at the Wilbur Aalfs Downtown Library and an electronic copy is available on the City’s website.

In addition to their report on the City’s financial statements, Williams & Company, PC also issued a report on compliance for each major program and on internal control over compliance required by the Uniform Guidance and a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with government auditing standards.

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its Comprehensive Annual Financial Report for the fiscal year ended June 30, 2017. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. The City has received the Certificate of Achievement award for the last thirty-one of thirty-three fiscal years.

In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. The CAFR must satisfy both generally accepted accounting principles and applicable legal requirements.

THE CITY AS A WHOLE

The following table presents summary information on the Changes in Net Position, Total Revenues by Revenue Source and Expenditures by Program Level from the City-wide financial statements for the fiscal year ended June 30, 2018.

Net Position may serve over time as a useful indicator of a government’s financial position. The largest part of the City’s net position reflects its investment in capital assets; less any related debt used to acquire those assets that are still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

The following comparison chart shows the changes in net position for the years ended June 30, 2018 and 2017:

General Governmental Activities

Business-Type Activities

Totals

2018

2017

(not restated)

2018

2017

2018

2017

(not restated)

Current and Other Assets

$186,304,222

$172,751,576

$42,490,736

$39,890,048

$228,794,958

$212,641,624

Capital Assets

405,153,387

390,856,364

309,911,715

300,136,011

715,065,102

690,992,375

591,457,609

563,607,940

352,402,451

340,026,059

943,860,060

903,633,999

Pension Related Deferred Outflows

18,533,246

19,934,979

1,546,600

1,254,483

20,079,846

21,189,462

Total Deferred Outflows of Resources

18,533,246

19,934,979

1,546,600

1,254,483

20,079,846

21,189,462

Other Liabilities

9,668,823

9,687,669

3,036,021

12,789,681

12,704,844

22,477,350

Long-Term Liabilities Outstanding

203,465,566

204,534,915

175,812,015

163,711,903

379,277,581

368,246,818

Total Liabilities

213,134,389

214,222,584

178,848,036

176,501,584

391,982,425

390,724,168

Deferred Inflows – Property Taxes

Deferred Inflows – OPEB Related

Deferred Inflows – Pension Related

57,258,810

146,774

1,783,863

52,450,593

2,139,327

- - -

- - -

- - -

226,710

- - -

- - -

240,819

57,258,810

146,774

2,010,573

52,450,593

- - -

2,380,146

Total Deferred Inflows of Resources

59,189,447

54,589,920

226,710

240,819

59,416,157

54,830,739

Net Position:

Net Investment in Capital Assets

294,629,930

287,159,597

169,481,588

163,351,087

464,111,518

450,510,684

Restricted

75,247,928

70,861,945

- - -

- - -

75,247,928

70,861,945

Unrestricted

(32,210,839)

(43,291,127)

5,392,717

1,187,052

(26,818,122)

(42,104,075)

Total Net Position

$337,667,019

$314,730,415

$174,874,305

$164,538,139

$512,541,324

$479,268,554

This summary reflects an increase in total net position of 3.95% for the governmental activities and an increase of 6.28% in the business-type activities.